"...the pullback in growth for some emerging market economies since 2012 is mostly attributable to internal factors. External factors have generally been much less important compared with internal factors for relatively large or closed economies such as China, India and Indonesia," the IMF said in its World Economic Outlook (WEO).

The WEO chapter on emerging economies said that in case of India, "internal factors reduced growth from 2011 until the third quarter of 2012, but there is an increase in their contribution since late 2012".

India's economic growth, which touched 8.9 percent in 2010-11 declined to 6.7 percent in the following year and touched a decade's low of 4.5 percent in 2012-13. As for the 2013-14, the Central Statistics Office (CSO) has pegged it at 4.9 percent.

However as per the projection of ADB and RBI, the growth in the current fiscal is likely to increase to 5.5 percent.